Around 70 major global cryptocurrency exchanges have shown interest in obtaining licences to operate in Pakistan, according to Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib. The development comes as Pakistan works to bring its growing digital asset market under formal regulation.
PVARA is working with the State Bank of Pakistan on a stablecoin-based remittance system that could make international money transfers cheaper. Officials believe the system could reduce the average transfer cost from around 6.3% to nearly 1%, potentially saving millions of dollars for people sending money to Pakistan.
Authorities are also preparing a Shariah advisory framework for virtual assets, while developing rules to meet anti-money laundering (AML) and counter-terrorism financing (CFT) requirements. These measures are aimed at creating stronger oversight and improving trust in the digital asset sector.
Pakistan is also seeking regulatory cooperation with Kazakhstan and Kyrgyzstan as it develops its virtual asset framework. The country hopes greater coordination with international partners will help improve oversight and support legitimate digital asset businesses.
The growing interest from global exchanges could increase competition, investment and access to regulated crypto services in Pakistan.
